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In This Issue:
Tax planning alert – the 2010 Tax Act
As forecast in the Special Bulletin that we sent you in early December, the newly passed and signed Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 includes several provisions that will affect most taxpayers. Here’s the information you need to know now.
The Internal Revenue Service says the upcoming tax season will start on time for most people, but taxpayers affected by three recently reinstated deductions need to wait until February 14 to file their individual tax returns. Taxpayers who itemize deductions on Form 1040 Schedule A will also need to wait until mid-February to file. Here are the details.
The Internal Revenue Service has released instructions to help employers implement the 2011 cut in payroll taxes that was included as part of the tax cut legislation passed by Congress in late December, along with new income-tax withholding tables that employers will use during 2011. You can find the instructions here.
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New 1099 reporting for real estate rental income The Small Business Jobs Act that became law in September contained many provisions benefitting small businesses. But the revenue offset portion of the bill created more paperwork for some real property renters. Now, persons receiving real estate rental income reported on IRS Schedule E must file Form 1099 for payments to those rendering services in connection with the property. Here are the details. |
The Right Size Accounting Firm
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T: 781-321-6065
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Medical practices and tax deductions
By paying careful attention to your finances and planning ahead, physicians can save their medical office personnel some major headaches come tax time. So says RBB founding partner Bill Rucci in a recent interview that appeared on MedicalOfficeToday.com. Bill’s advice for maximizing medical practice tax deductions can be found here.
US among lowest taxed nations in the world
And now for a feel-good tax story: With tax revenue amounting to just 24% of GDP, the U.S. is one of the most lightly taxed countries in the rich world, according to a report in The Economist. Top honors go to Denmark, where taxes amounted to 48.2% of GDP in 2009. Check out this chart showing where the rest of the world’s richest countries stand.
What is your business going to spend this year? What do you think you'll bring in? When do you think that money will actually reach your bank account? How are sales going to flow and ebb? Forecasting sales and cash flow is never a simple task, and the shaky economic recovery is making the process harder. Inc. Magazine has compiled the best tips for forecasting this year.
This brief Q&A with Ted Aadland, president of the national industry trade group Associated General Contractors, provides some insight into the year ahead for the construction industry.
Services sector expands in December for 12th month
The services sector expanded in December for the 12th straight month and at an accelerating pace, according to a recently released index of purchasing managers cited by a report on MarketWatch.com. It was the strongest reading since May 2006.
The banking world is buzzing with the possibility that investor balance sheets are about to be vastly reshaped. The Financial Accounting Standards Board (FASB) has tentatively voted to expand fair-value accounting to land and buildings held for investment. No date for implementation has been set yet, but a ruling is expected this year. AccountingWeb.com takes a closer look.
Several members of the firm were promoted recently. Mark Paquin, who heads the accounting and auditing division, has been made a Partner. He joined RBB as a Manager in 2004.
Jamil Mouchayleh has been promoted to Supervisor. And three staffers have been promoted to the position of Semi-Senior – Christopher Boudrot, Stephan Politano and Julia Sapashnik.
Hank Wolfson joined the firm as Chief Operating Officer in December. Hank brings considerable management experience to RBB, having served as chief administrator for an international architectural firm and in various senior management positions with the Shaw’s/Star Market supermarket company.
Paul Bardaro has been elected to a three-year term on the Board of Directors of the Political Action Committee of the Massachusetts Society of CPAs. The committee, which represents over 10,000 CPAs, supports legislators who work to uphold a good business climate in Massachusetts.
Bill Rucci recently attended the first annual “AICPA Firm Association Summit.” The all-day program gathered representatives from large accounting firms and international CPA networks to discuss emerging issues facing the accounting profession. Bill represented the Russell Bedford International (RBI) global accounting network as a member of its Board of Directors.
On Wednesday, February 9 at 6pm, Paul and Bill will join other panelists at the Brae Burn Country Club in West Newton, MA in a discussion on business succession planning issues. The two men will cover both the tax and non-tax considerations that go into successful transition planning, including valuation. A limited number of seats are still available. Contact Beatrice Casseus at (781) 321-6065 to reserve your space. The event is being sponsored by Morgan Stanley Smith Barney.
RBB is uniquely suited to handle assignments from many different types of businesses. Our size and structure allows us the flexibility to deliver superior service from a team assigned to your business and headed by a partner of the firm, and yet remain within your established budget parameters for either a specific project or an ongoing engagement. To contact us, call the above number or visit our web site - www.rb-b.com.
